The British Columbia Real Estate Association (BCREA) is reporting 3,047 residential unit sales were recorded in MLS in January, a decrease of 50.3 per cent from January 2022. 

The average residential price in B.C. in 2023 dipped to $872,934, down 16.1 per cent compared to the average price of more than $1 million in January 2022, which was recorded near the peak of the market. 

The total sales dollar volume was $2.7 billion, representing a 58.3 per cent decrease year-over-year.

Shift in the composition of sales

Brendon Ogmundson, chief economist of BCREA, attributes this decline to high borrowing costs and a shift in the composition of sales towards less expensive homes. 

Ogmundson said in a news release, “While average prices have flattened out in many markets over the past few months, year-over-year measures reflect the decline that occurred from the peak in 2022…”

Significant increase in new listings 

While the total number of active listings has “significantly increased” compared to the record low level in 2022, BCREA is reporting, at just under 22,000 listings, the inventory of homes for sale is still below the average for January due to a scarcity of new listings in many markets.

Source: BCREA